EFCC set to prosecute banks, top officials - Chairman – Newstrends
Connect with us

metro

EFCC set to prosecute banks, top officials – Chairman

Published

on

EFCC Chairman, Olanipekun Olukoyede

EFCC set to prosecute banks, top officials – Chairman

The Economic and Financial Crimes Commission (EFCC) is poised to take legal action against top executives in Nigeria’s banking sector over allegations of financial crimes, including money laundering and fraudulent practices.

The EFCC Chairman, Olanipekun Olukoyede, made this known during the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Speaking at the event, Olukoyede confirmed that the Commission has concluded its investigations into several banks and their senior officials, signalling imminent prosecution.

Olukoyede expressed the EFCC’s determination to impose strict penalties to align Nigeria’s financial system with global best practices.

He said: “It is sad that we have also compiled our documents, we have made the necessary investigation. Now very soon, you will see some banks being prosecuted, some top officials being prosecuted.” 

The EFCC boss emphasized that the lack of penal consequences for criminal infractions in the sector could jeopardize the integrity of Nigeria’s financial system.

He said: “We need to just do something drastic to bring everybody in line and to make us do the right thing. It’s extremely important. In a system where there is no penal sanction for criminal infraction, that system will never survive.” 

READ ALSO:

Unethical practices in the sector 

In his address, Olukoyede highlighted several unethical practices plaguing the sector, including foreign exchange manipulation, fraudulent charges imposed on depositors, and active involvement in money laundering schemes.

The EFCC boss said: “Operators frequently devise means to circumvent regulations and rules in a desperate bid for higher yields and bottom line. Sharp practices such as forex trading, defrauding of depositors through phantom charges, and complicity in money laundering and illicit financial schemes involving politically exposed persons continue to undermine the integrity of the sector and, by extension, the nation’s economy.” 

He stressed that the involvement of financial institutions with politically exposed persons (PEPs) in illicit financial activities erodes the sector’s credibility and destabilizes the economy.

Olukoyede reaffirmed the EFCC’s commitment to collaborate with the banking sector to combat financial crimes and enhance enforcement of anti-money laundering laws.

Additionally, the EFCC Chairman urged the Chartered Institute of Bankers of Nigeria to intensify its regulatory oversight to ensure strict compliance with banking regulations.

He warned that the Commission would no longer tolerate complacency and urged financial operators to adhere to ethical standards, cautioning that prioritizing profits over national interest would hinder economic progress.

EFCC set to prosecute banks, top officials – Chairman

metro

Man remanded for allegedly defiling stepdaughter in Benue

Published

on

Man remanded for allegedly defiling stepdaughter in Benue

A Makurdi Magistrates Court, on Wednesday, ordered the remand of one Adera Sunday, 40, accused of defiling of his 16-year-old stepdaughter.

The Magistrate, Mrs Sonia Ayange, did not take the plea of the defendant, a resident of Welfare Quarters, Makurdi, for want of jurisdiction.

Ayange thereafter ordered that the defendant should be remanded at the Makurdi Correctional Centre pending further investigation.

She adjourned the case to Oct. 11 for further mention.

READ ALSO:

Earlier, the Police Prosecutor, Insp James Ewache told the court that the teenager reported the case at the State Criminal Investigation Department in Makurdi on Aug. 30.

The prosecutor said that the complainant informed the police that her stepfather had been taking sexual advantage of her since she was 13 years of age without her consent.

“He lures her into taking noxious drugs and while under the influence, forcefully takes advantage of her,” the prosecutor said.

Ewache said that investigation into the matter was still ongoing and prayed the court for another date for mention.

He said that the offence contravened Sections 284 of the Penal Code, Laws of Benue State, 2004.

Man remanded for allegedly defiling stepdaughter in Benue

Continue Reading

metro

FG worries over Abuja tremor, says it’s monitoring situation

Published

on

Minister of Innovation, Science, and Technology, Chief Uche Geoffrey Nnaji

FG worries over Abuja tremor, says it’s monitoring situation

The federal government has said it is monitoring and analysing earth movement in and around Abuja to forestall any further earth tremor in the federal capital territory.

The Minister of Science, Innovation and Technology, Uche Nnaji, who disclosed this at an emergency press briefing in Abuja, yesterday, said the government would soon implement measures to mitigate the seismic risks.

Over the past week, a series of earth tremors have been reported in some parts of the Maitama, Katampe, and Mpape areas, causing concern among residents.

Tremors are small, mild shaking or vibrations of the ground, often caused by minor movements in the earth’s crust.

It could be recalled that Mpape experienced a similar sequence of earth tremors from September 5 to 7, 2018, which drew significant local and international attention to Nigeria’s increasing seismic activity.

READ ALSO:

The recent tremors were accompanied by loud noises and ground shaking, causing widespread alarm among residents.

The minister said “The government is currently processing and analysing comprehensive datasets from its Seismological and GNSS stations to provide relevant recommendations to the FCT Administration.

“We urge the residents of Mpape, and by extension the wider Abuja area, to remain calm and continue their normal activities,” Nnaji said.

Also, the Nigerian Geological Survey Agency (NGSA) has urged residents of the Federal Capital Territory (FCT) to remain calm.

NGSA Director General, Prof. Olusegun Ige, made the call in a statement on Wednesday in Abuja.

He urged the residents of the affected areas and other parts where the tremors were felt not to panic, as the tremors were generally minor and did not pose any threat to the environment.

He said the agency was closely monitoring the situation across Nigeria and would provide updates as required.

The NGSA boss stated that a team from the agency had visited the affected areas for an on-the-spot assessment of the various incidents.

FG worries over Abuja tremor, says it’s monitoring situation

(NAN)

Continue Reading

metro

Police parade suspected ritualists, armed robbers in Osun

Published

on

Police parade suspected ritualists, armed robbers in Osun

The Osun State Police Command has said that it has arrested seven suspects for possession of human body parts.

The police made this revelation to journalists while parading the suspects at the Command headquarters in Osogbo on Wednesday.

The suspects paraded include Johnson Daniel, Adetunji Okunade, Olaniyan Azeez, Balogun Temitope Asimiyu, Oladapo Hammed, Kazeem Rasak and Asaka Rauf.

Addressing journalists, the Deputy Police Public Relations Officer, Giwa-Alade Emmanuel also said suspected human bone fragments, a female pant and note books were recovered as exhibits from the suspects at the point of arrest.

He said, “The above named suspects were arrested upon a credible information from a good spirited individual that, one Johnson Daniel ‘m’ a mortuary attendant at lpetu-ljesa sells portions of human remains deposited at the mortuary to native doctors whose names are listed above.

READ ALSO:

“The said suspects use these remains gotten from the mortuary attendant (Johnson Daniel) for different ritual purposes. Daniel also confessed that, he conspired with one other mortuary attendant named Adetunji Okunade ‘m’ to sell remnant of water used in bathing corpses to interested native doctors.

“In the course of investigation, search were conducted at the residences of these suspects which led to the recovery of fragment of substances suspected to be human skull at Asaka Rauf ‘m’ and Oladapo Hammed ‘m’ residences while a female pant and a note book containing instructions on ritual practices were recovered from Balogun Temitope Asimiyu’s residence.”

Giwa-Alade hinted that the suspects have been charged to court.

Similarly, the police paraded Taiwo Adekunle, Adebayo Opeyemi, Hasan Ibrahim, Oba Wasiu and Olajide Oladapo for alleged armed robbery.

Exhibits recovered at the point of arrest include a Ford Jeep with registration number SMK945OS, Hunter motorcycle with registration number WWD604QF, one empty shell cartridge, one Iphone and one magnet.

Police parade suspected ritualists, armed robbers in Osun

Continue Reading

Trending